But developing a new city or even a neighborhood isn't cheap. This October Sidewalk Labs, the urban innovation arm of Google's parent company Alphabet, committed $50 million for the initial phase of planning and pilot testing a Toronto neighborhood development.

It's designed as a model neighborhood for the 21st century, with reduced pollution, shortened commutes, safer streets and better weather. Transportation will be designed around shared electric vehicles, walking and biking. More flexible zoning will blend commercial, industrial and residential areas.

Only a week later after the Toronto announcement, Saudia Arabia announced plans to invest $500 billion in a new global hub meant to push the boundaries of innovation and exemplify the future of civilization.

The smart cities trend has gained momentum as Silicon Valley's disruptors shift their focus to transportation innovations such as autonomous vehicles and ridesharing services.

Belmont's developers are counting on the expected development of Interstate 11, which will serve the area, to boost development. But right now, the company is not rushing to move forward.

"This is a very long term, very patient investment," Gammage told CNN Tech.